[Jiu Jitsu Jon]

I wanted to ask those of you who have sold a car privately how you accepted payment from the buyer. I am thinking wire transfer since people have told me that cashier's checks are easily forged and difficult to verify. How did you work it out?

 

[Hemi57]

Cash talks.... checks must clear before the title changes hands.

 

[Lord Warlock]

I went to a credit union and had his bank contact the credit union, who in turn had my bank on a party call. When the wire transfer took place and was confirmed by my bank, I signed a bill of sale and had the credit union i was at notarize it, and then my bank sent me the title of my car in MY name, via 2nd day air, when i got it, i signed it and sent it to HIS credit union via next day air fedexp with the bill of sale. When he got the title and bill of sale, HE arranged the shipping of the vehicle from Florida to Wisconsin, and I met the shipper about a week later.

This was all a little involved because i had not paid my previous car off in full prior to the sale, and i was paranoid about cashier's checks, and he was using his own financing company. its best to have his bank wire the money to your bank direct, that way they can confirm what they have to legally. In all it took a few days to arrange, but I had confirmation my car loan was paid off in full and they sent the title to me, plus i took the amount over the balance and had it deposited in my credit union account (who just happened to hold the title to my car) I then used the 10k balance as a down payment for the challenger when i bought it 3 days afterwards.

 

[caj]

I went to a credit union and had his bank contact the credit union, who in turn had my bank on a party call. When the wire transfer took place and was confirmed by my bank, I signed a bill of sale and had the credit union i was at notarize it, and then my bank sent me the title of my car in MY name, via 2nd day air, when i got it, i signed it and sent it to HIS credit union via next day air fedexp with the bill of sale. When he got the title and bill of sale, HE arranged the shipping of the vehicle from Florida to Wisconsin, and I met the shipper about a week later.

This was all a little involved because i had not paid my previous car off in full prior to the sale, and i was paranoid about cashier's checks, and he was using his own financing company. its best to have his bank wire the money to your bank direct, that way they can confirm what they have to legally. In all it took a few days to arrange, but I had confirmation my car loan was paid off in full and they sent the title to me, plus i took the amount over the balance and had it deposited in my credit union account (who just happened to hold the title to my car) I then used the 10k balance as a down payment for the challenger when i bought it 3 days afterwards.

:bigthumb:agreed....I usually have the title so as soon as it's confirmed that the wire transfer came into my account I sign the title over.

 

[noz34me]

Never done a wire transfer but I would be hesitant to give account numbers to anyone, especially if the "deal" is done over the phone or internet.

I've always accepted cash or a bank check. In my area, forging bank checks has not been an issue.

 

[340hp]

Wire transfer, I've sold a couple of cars recently on eBay, once the Wire hits your account, sign the title over.

 

[KI4RXM]

If you have the car financed, usually you can have the buyer or his bank wire the money into the loan account (if you have one). I know that not all banks/credit unions do it, but if you do have a separate account number for your loan, then you should be able to give the buyer that number for the wire. That way you know that they can only deposit, not withdraw from the account, ever. Be sure to make sure with your bank that this is legit for you, though.

If you don't have the car financed, why not just go with cash?

 

[LURCH]

If you take cash you better have one of those markers to make sure the bills are not counterfeit.

 

[twomten]

I've never been involved in a long-distance transaction like Lord Warlock but it sounds like he had his bases well-covered. For local transactions, I prefer to go to the buyer's bank/credit union and have them issue a check from his account. Then the buyer and I go to a deputy registrar and transfer the title to his name.

I suppose I could have a problem if he had very recently made a deposit to his account that turned out to be bogus.

The transfer of title issue caused me a problem once when I traded a car to a dealer and when the dealer sold it to someone, the title was not immediately transferred for some reason. Soon after, the new owner got into an accident with a car that was still titled in my name. It turned out to be easily resolved so it wasn't really an issue in that case.

 

[Walaby]

I did a bank check. Told the buyer I would try to have my bank verify funds... if not, transport company (arranged by him) cannot pick up until check cleared. Spent about 30 mins on the phone with banks and they couldn't verify it because it was an insurance check. Told the buyer that he would have to wait til the check cleared, and to put the shipping company on hold. He wasn't happy necessarily but understood. Ten days later, the check cleared, and I called the shipping company and told 'em to come get it. That was my 66 Ford Fairlane... clear title.

Friend of mine bought a 04 SSR, paid the guy in two bank checks.. One made out to the lien holder for the amount due, and the remaining balance to the car owner. Both checks were verified, so he left with the car. 30 days later, still had issues getting title from the lien holder. Finally worked out okay, but a pain in the butt.

Other car I sold, guy came down and picked it up. I went to my bank with him. Verified funds. Signed title over to him, he loaded it up and headed back to Tenn.

All depends on the situation, but bottom line, bank verified funds should be required before individual leaves with the vehicle.

Mike